Competition and Credit Control
Encyclopedia
Competition and Credit Control (CCC) was a monetary policy operated by the Bank of England
from September 1971 until the autumn of 1973. Under this policy the bank sought to control money supply
indirectly through open market operations, instead of through the direct lending ceilings imposed on individual banks used formerly. Reserve Asset Ratios
were imposed on all financial institutions where formerly cash and liquidity rations had applied to major clearing banks only. In practice, sterling money supply increased rapidly following introduction. At the end of 1973, the Supplementary Special Deposit Scheme re-established direct controls on lending.
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
from September 1971 until the autumn of 1973. Under this policy the bank sought to control money supply
Money supply
In economics, the money supply or money stock, is the total amount of money available in an economy at a specific time. There are several ways to define "money," but standard measures usually include currency in circulation and demand deposits .Money supply data are recorded and published, usually...
indirectly through open market operations, instead of through the direct lending ceilings imposed on individual banks used formerly. Reserve Asset Ratios
Reserve requirement
The reserve requirement is a central bank regulation that sets the minimum reserves each commercial bank must hold of customer deposits and notes...
were imposed on all financial institutions where formerly cash and liquidity rations had applied to major clearing banks only. In practice, sterling money supply increased rapidly following introduction. At the end of 1973, the Supplementary Special Deposit Scheme re-established direct controls on lending.